Peter Ferrara Quotes
You can't have a capitalist system and tax capital to death.
Peter Ferrara, General Counsel, Americans for Tax Reform, C-SPAN, January 18, 1996
Sourced by: Eigen's Political and Historical Quotations
Reacting to proposals to reduce the capital gains tax:
The tax rates on income from working is much higher than on income generated from money which is invested. The reason for this is that the government wants economic growth and lowering the tax rate on investment profits will produce more investment which theoretically creates more jobs and strengthens the economy. However, most workers have no choice about whether they have to work. Lowering their tax rate will not induce them to work more. This not only produces a patently unfair burden on the worker compared to people who have capital to invest—usually among the wealthiest Americans. Another problem is that there are many forms of investment that does not produce any benefit for the United States. Many people invest in overseas banks, non American companies. These we tax at a low rate and all the benefits of the investment go to the foreign country.
Peter Joseph Ferrara is an American lawyer, policy analyst, and columnist who is an analyst for The Heartland Institute. He is former general counsel for the American Civil Rights Union. A libertarian scholar, he is known for supporting privatization of the Social Security program and climate change denialism.